MSE Equity Price Index extends declining trend

The MSE Equity Price Index fell for the fifth consecutive session declining by 0.11% to 3,730.850 points. The declines in FIMBank, Medserv, MIDI, and Malita outweighed the gains in IHI, Malta Properties, MaltaPost, Plaza and LifeStar Holdings. Meanwhile, four other equities closed unchanged as today’s trading activity in local equities was muted at almost €11,000. Download today’s Equity Market Summary.

FIMBank plc plummeted by 15.8% to a three-week low of USD0.155, albeit over trivial volumes. FIMBank is set to publish its 2023 financial results on Wednesday 24 April.

Similarly, MIDI plc slumped by 13.3% to a five-month low of €0.222 also on muted activity. MIDI is set to publish its 2023 financial results on Friday 26 April.

MedservRegis plc fell by 9.1% to a nine-month low of €0.60, after only partially recovering from an intra-day low of €0.26 (-60%) on two deals of 200 shares. Medserv will publish its 2023 financial results on Friday 26 April.

Malita Investments plc declined to an all-time low of €0.45 on a single deal of 100 shares. Last Friday, Malita Investments plc announced the result of the rights issue. The Company will be allocating a total of 60,098,529 new ordinary shares, which translates into net proceeds of €29.9 million, compared to the 65,825,806 new ordinary shares offered.

On the other hand, Malta Properties Company plc gained 3.3% to close at the €0.31 level on just 154 shares. Shareholders as at the close of trading tomorrow will be entitled to receive a final net dividend of €0.014 on 23 May.

A single deal of 86 shares pushed the share price of Plaza Centres plc 1.8% higher to the €0.56 level. Plaza is set to publish its 2023 financial results on Wednesday 24 April.

MaltaPost plc surged by 9.8% to the €0.45 level on one trade of 10,000 shares.

International Hotel Investments plc moved 0.9% higher to the €0.45 level, after recovering from an intraday low of €0.39 (-12.6%) across three deals amounting to 2,447 shares. IHI will publish its 2023 financial results on 30 April.

LifeStar Holding plc climbed to the €0.85 level on two deals comprising a total of just 1,200 shares.

Meanwhile, HSBC Bank Malta plc traded flat at the €1.40 level across two trades totalling 1,218 shares.

Also in the banking sector, Lombard Bank Malta plc held the €0.83 level on one deal of 2,000 shares. Lombard will publish its 2023 financial results on Friday 26 April.

BMIT Technologies plc remained unchanged at the €0.38 level on one trade of 160 shares.

Main Street Complex plc closed unchanged at €0.35 on two trades totalling 1,100 shares. Today, Main Street Complex announced that its Board of Directors is scheduled to meet on Wednesday 24 April 2024 to consider the approval of the financial statements for the year ended 31 December 2023. The Board will also consider the recommendation of a final dividend.

The RF MGS Index extended yesterday’s losses by a further 0.31% to a fresh six-week low of 889.549 points amid conflicting guidance from the European Central Bank and the US Federal Reserve. ECB President Christine Lagarde indicated that the central bank is soon expected to announce a rate cut. On the other hand, during a speech yesterday, the Chair of the Federal Reserve Jerome Powell noted that the US monetary policy needs to remain restrictive for longer since there was not enough progress on reducing inflation to the Fed’s target of 2% amidst strong growth in the American economy and a resilient labour market.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap—370 of the Laws of Malta and a member of the Malta Stock Exchange.